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BL Research Bureau
The Nifty 50 futures contract has been trading on a mixed note over the last few sessions. Though the contract opened with over 50-point gap-up today, it is not gaining momentum to sustain higher. The contract is facing resistance at 10,850. As long as it trades below this hurdle, a fall to 10,750 is likely in the near term. A break below the intermediate support at 10,790 can trigger this fall.
High risk appetite traders can go short on a break below 10,790 with a tight stop-loss at 10,805. Book profits at 10,755. Revise the stop-loss lower to 10,780 as soon as the contract moves down to 10,770.
Broadly, the index futures can remain range-bound between 10,750 and 10,850 for sometime. A breakout on either side of 10,750 or 10,850 will then decide the direction of the next move.
A break below 10,750 can drag the Nifty 50 futures contract lower to 10,700 or even 10,670. On the other hand, if the contract manages to breach 10,850 decisively, a rally to 10,900 and 10,930 is possible.
Supports: 10,790, 10,750
Resistances: 10,850, 10,900
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